Yesterday, New York City Comptroller Scott M. Stringer called for major reforms to the way New York City tenants and landlords handle security deposits. Under the Comptroller’s recommendations, every renter should be able to purchase low-cost insurance like Rhino instead of paying an upfront security deposit.
Here’s an excerpt from the announcement:
- Insurance as an alternative to the security deposit: A number of local companies have introduced an insurance alternative in recent years. These start-ups allow renters to pay a small monthly or one-time fee in exchange for guaranteeing their security deposit with landlords…Paying $10 per month to insure your apartment against damages rather than an $1,800 security deposit is a significant reduction in the upfront costs of moving…Moreover, tenants who have already paid their security deposits can request that it be returned and can switch to the monthly payment, insurance model instead.
We’re pleased to see our elected officials recognize the positive impact Rhino is making for both renters and landlords, and we look forward to working with more leaders across the country to make renting easier and more accessible for everyone.
Read the Comptroller’s complete statement here.